Wedbush lifted its price target on the tech giant to $350 from $325. Apple shares were gaining 0.3% to $280.34 in premarket trading Monday.
The price target represents a potential upside of 25% from the stock’s closing price of $279.44 on Friday.
"We believe iPhone 11 is just the front end of this current 'supercycle' for Cupertino with a slate of 5G smartphones set to be unveiled in September that will open up the floodgates on iPhone upgrades across the board that the Street continues to underestimate,” Wedbush wrote in a note.
Wedbush sees the launch of five versions of the iPhone in 2020 due to “supplier checks [that] indicate a double digit increase for expectations for overall units (10%+ year-over-year).”
Apple could sell as many as 200 million units in the new year with 350 million units being within range for an upgrade.
Wedbush has been bullish on Apple for some time now. In October, the firm declared Apple as the winner of the Black Friday holiday shopping event thanks to strong shipments of its popular AirPod wireless headphones. The firm expects Apple to ship 65 million AirPods in 2019 with the potential for that number to reach between 85 million and 90 million in the new year.
Apple shares have risen nearly 80% year to date despite a swoon in the stock price between May and June.